The
presence of large number of players in the market and entry of new
entrants in the global
flexible packaging market
is projected to intensify the market competition. The market
competition is seen on the basis of price, quality, services, and
innovation. The leading players in the market putting efforts by
introducing innovative and bio-based packaging materials. Some of the
key players in the global flexible packaging market are Berry
Plastics Group, Inc., Constantia Flexibles Gmbh, Sonoco Products Co.,
Mondi Group, Huhtamäki Oyj, and Ampac Holdings, LLC
In a recent report by Transparency Market
Research, the global flexible packaging is expected to exhibit 5.2%
of CAGR during the forecast period between 2016 and 2024. By rising
at a steady CAGR the market is projected to touch US$358.7 bn by the
end of 2024 progressing from US$238.5 bn as estimated in 2016.
Based on product type, the stand-up pouch segment
has higher demand in the market and is likely to accumulate a
valuation of US$85.9 bn by the end of 2024. This is because stand-up
pouch has the ability to store different types of products and
provides higher shelf life for liquid products. Based on geography,
Europe is projected to lead the market and generate a revenue of
US$117.7 bn during the forecast tenure. Asia Pacific also shows
growth prospects for the flexible packaging market.
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Application in Various Industries to
Expand Market Growth
Globally, the demand for flexible packaging has
increased at a rapid rate, as it can be used for various purposes.
Moreover, with advancements in packaging material and packaging
technologies the demand in the flexible packaging has also grown at a
significant rate. The demand for flexible packaging is also seen in
various industries such as food and beverages, consumer goods,
pharmaceuticals, and many others. Thus, the growing use of flexible
packaging in different industries is projected to boost the demand
for flexible packaging and expand the flexible packaging market.
Complex Recycling Procedure to Hamper
Market Growth Opportunities
Conversely, some restraining factors that are
projected to obstruct the growth of the flexible packaging market.
One of the key factor is the use of multiple layer of various types
of material are used that makes recycling difficult and is
complicated procedure to deal with. In some of the cases plastic and
metal are used together for flexible packaging which makes the
recycling difficult, as plastic can be recycled is a much easy manner
than metal. Moreover, the environmental norms and regulations are
getting restrict day by day, which is also hindering the growth of
flexible packaging market at the global level.
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